New furniture orders decline 5% in October

HIGH POINT, NC -- Accounting and Consulting firm Smith Leonard reported that new orders of furniture for October were down 5% from the same period a year ago, as gaged by its monthly survey of furniture manufacturers and distributors.

"These results again were not unexpected based on most of what we had heard at (the Fall High Point) Market," Smith Leonard cites in its December Furniture Insights newsletter. "With the High Point Market ending late in October, the results of Market will not really be known until next month."

Approximately 73% of the survey participants reported lower orders in October. New orders also were 4% lower than September 2010. In spite of the decline, year-to-date new orders remained 5% above the first 10 months of 2009, with 57% percent of the participants reporting increased orders for the year so far.

Smith Leonard also reported that furniture shipments in October were 3% higher than October 2009, though off 6% from September 2010. Year-to-date, shipments remained 8% ahead of last year, when they were off 18% from 2008.

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